Top 5 mistakes in Monaco & How to avoid them (pt 1/5)

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Most of the people dream about success and getting rich, a balanced life without financial difficulties, especially when they see the accomplished residents of the Principality of Monaco. Fame, wealth and respect are all in the air of beautiful Monaco, but can you actually achieve this by your own as well?

Present article is written for all those people who have a strong desire to improve the quality of their life and their businesses with the help of the Principality of Monaco and its accomplished residents.

During the past seven years Monaco Wealth Management has helped many people to achieve their aims, however we have also observed many people who fail because of their lack of knowledge and/or understanding of the local specialities of the Principality of Monaco. So let’s learn from their mistakes and do things better in order to achieve visible results in Monaco.

To ensure you some role examples we have collected the Top 5 mistakes we repeatedly see from foreign brands coming to Monaco. We have also asked some of the Top experts from Monaco as well as from the UHNWI fields to share their personal views, experiences and to offer their advices in order to fulfil your goals.

So let’s see the Top 5 mistakes.

Mistake #1: Monaco is not a “Make a wish foundation” or a get rich program

Monaco has a strong business sector thanks to its internationally accomplished residents. Living in a zero debt, green and superb wealthy country is quite a privilege. It is something which will motivate you as well to create and maintain a living quality for yourself and your beloved ones.

Monaco has the most high net worth individuals in the World, one in three people are millionaires in the country of 37,800 people.

Although exactly this is why some people have the misconception that by simply arriving to Monaco they can become immediately rich by gaining millions of funds from the residents. So for this reason people often bomb residents with countless “investment offers”.

“All that glitters is not gold. However, most never take heed of that advice and expect that the wealth of Monaco is shining bright to be taken advantage of and for most, it never works out as there seems to be a feeling that Monaco is easy-pickings but it is far from that. Like any business plan or any entrepreneurial venture into a new market, planning is essential, choosing the right professional partners, a suitable location for a business or a launch, the correct target market; planning is vital to success. Plan your work then work your plan, it is key and in Monaco, because it is such a small place where news travels fast, you have normally one chance to get it right and so you have to get it right from off-set.” – says Bradley Mitton, founder of Club Vivanova

People in Monaco are smart and they often have earned their wealth with hard work therefore there is no such thing as a “Get rich program” in the Principality. It also often happens that residents just ignore these emails without even taking the energy to reply or consider them. Sending in advance your offers is one of the greatest way to demolish your chances in Monaco.

Out of the Box Innovation by Dodo Newman, a Presentation extract from the International University of Monaco (https://www.amazon.com/Out-Box-Innovation-Dodo-Newman/dp/1300856084/)

Few year ago Artist, Innovator and Author Dodo Newman held an inspirational lecture for the MBA students of the International University of Monaco where she said that usually many people think that success is a straight line, from one point to the other. Starts from A and it ends up in B. Just straight, logical steps without any break or turns.

Newman talked about the fact that many people try to reach their aims with an ideal picture in their mind without understanding the local specialities of a luxury market such as The Principality of Monaco as well.

“Theories are only good and valid if you can really use them.” – Dodo Newman, Artist, Innovator and Author

On the positive side you can meet with influential people and you can learn from them, you can be inspired and you might find the right partners. But partnership in Monaco is like a marriage, it has to be based on mutual respect and appreciation towards the aims of the others.

Suggestion:

Be part of the Monaco community, try to get involved with as many events you can and build up the trust step-by-step instead of bombing people with funding requests. Once they will get to know you as a person, they will be much flexible to listen out your visions.

Monaco will help you to accomplish your highest ambitions and you will see that Monaco has some world class programs to do that. To be more precise Monaco has more than 700 events in a year.

“The first step is about stopping to find excuses and to focus on what steps we can actually take. An excuse is worse than a mistake because it effects everything around us and drains down all possible solutions. There is always a way, a wrong way ahead is much better than a no way at all anywhere…” – Dodo Newman, Artist, Innovator and Author

And if you still need some guidance you can always contact the Monaco Welcome Office and they will help you to find the right directions.

Quoted experts in alphabetical order:

Europe’s culinary and preeminent gourmet wine expert Bradley Mitton offers his unique insight on the fine dining scene of the Principality of Monaco. Providing gourmet wines to many of the finest restaurants in Monaco and the French Riviera and bringing people together through his lifestyle and gourmet club Club Vivanova, Bradley is a respected and established member of the fine dining scene of the Principality.

All staff at the Monaco Tourist Office speak English. The role of the Monaco Government Tourist Office North America is to drive more business (meaning leisure and business tourism) to the Principality. In doing so, we they to drive more business to our hotels, restaurants, agencies.

Whenever Dodo Newman finds time she likes to share her thoughts and experiences with her audience. She is not just an internationally published author, but she also publishes various articles on LinkedIn. Her favourite topics are acceptance of art in the modern society, including appreciation, motivation and admiration. In 2013 Dodo published her International University of Monaco lecture notes, called “Out of the Box Innovation”.

Lorre White is founder president/CEO of White Light Consulting, a luxury marketing consultancy focused on the ultra-high-net-worth market and a top international luxury influencer. Lorre is the only internationally recognized luxury media personality appearing on TV, radio, web and all forms of social media. NetBase 2015 luxury industry report ranks her blog #1 globally for reaching the UHNW consumer, and #3 of all luxury blogs including professional luxury industry blogs.

Zsolt Szemerszky is a revenue specialist and the author of multiple internationally published books as well as a passionate admirer of the Principality of Monaco. Since 2010 he has managed the unbiased relocation itinerary Monaco Wealth Management and he is the author of „Living in Monaco“. Both of these accomplishments are dedicated to those who are looking to relocate to the Principality of Monaco offering them reliable information and trusted service providers.